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India.com
2 days ago
- Business
- India.com
Meet Indian billionaire, was once worth Rs 200000000000, owned multiple flats in Burj Khalifa, now bankrupt after selling his Rs 12400 crore company for just Rs 74 due to…
BR Shetty was once one of the riches men in the world. (File) BR Shetty story: While there are scores of rags to riches stories of people building successful businesses from scratch and earning a large amount of wealth, rarely does one across the opposite of a such a story, where a billionaire tycoon fell into oblivion after bankruptcy and lost a major portion of his fortune. The downfall of BR Shetty, an Indian-born businessman, who once owned several companies in the United Arab Emirates (UAE), had net worth of over Rs 20,000 crore and lived a life of prime luxury– is one such rare tale which documents the rise and fall of a billionaire tycoon, and shows how one critical error can ruin a man and send him tumbling into the depths of obscurity. Who is BR Shetty? Bavaguthu Raghuram Shetty, or BR Shetty as he is popularly known, was born in a middle-income home in Udupi, Madras Presidency, then British India (now Karnataka, India), on August 1, 1942, and was once counted among the wealthiest people on the planet, ranking on the Forbes list of India's 100 Richest People in 2015, and the 42nd richest person in 2019. In 1973, at the age of 31, BR Shetty immigrated to Dubai in search of better opportunities, where he started his career as a medical representative, and began selling medicines as a door-to-door salesman. However, within a brief period, BR Shetty, who had arrived in Dubai with just $8 to his name, developed contacts with several wealthy and influential people in the UAE, and a few years later, established UAE's first private healthcare provider, New Medical Center Health (NMC), in Dubai. How BR Shetty established UAE's first private hospital? The NMC hospital was managed by Shetty's wife, Chandrakumari Shetty, who was the only doctor in the clinic, at the time. Today, NMC is the largest private healthcare provider in the UAE with over four million patients annually across 45 facilities spread over 12 cities and 8 countries, including UAE, KSA, Oman, Spain, Italy, Denmark, Colombia, and Brazil. NMC is also the first healthcare company from the Gulf Cooperation Countries (GCC) and the first company from Abu Dhabi to be listed on the premium segment of the London Stock Exchange and was part of the coveted FTSE 100 Index. However, the firm was de-listed from London Stock Exchange and removed from FTSE 100 index, following a request from its board of directors, and due to the on-going investigation of alleged financial irregularities. What other businesses did Shetty build? Apart from NMC, BR Shetty also founded the UAE Exchange, a company dealing in remittance, foreign exchange, and bill payment services. During the late 70s, Shetty observed that Indian expatriates living in UAE faced difficulties in sending money to their families back home in India, and thus landed upon the idea to establish the UAE Exchange, which in 2016, opened 800 offices in 31 countries. In 2003, BR Shetty founded NMC Neopharma, a UAE-based pharmaceutical manufacturer, which was inaugurated by the then President of India, A. P. J. Abdul Kalam in Abu Dhabi. What triggered BR Shetty's downfall? Over the years, BR Shetty's wealth ballooned thanks to owing to his diversified and successful business ventures which ranged from health, finance, to real estate, and capital investment. At one point, BR Shetty had a net worth of $3 billion (around Rs 20,000 crore), making him one of the wealthiest men globally. The Indian-born business tycoon lived a life of opulence, owned private jets and a fleet of Rolls Royce vehicles, and even bought two entire floors in the lavish Burj Khalifa, besides several luxurious villas across Dubai. However, fate took a cruel turn when in 2019, Muddy Waters Research levelled damning allegations against BR Shetty's companies. In a post on X (former Twitter), the US-based short-seller posted a report revealing that Shetty's firm owed a $1billion debt which was kept secret from the company's investors. How US short-seller report ruined BR Shetty? In its report, Muddy Waters Research alleged that Shetty had hid the debt from his investors and defrauded them by exaggerating cash flow figures. Following the allegations, the shares of Shetty's companies went into freefall, ultimately forcing him sell his Rs 12,478 crore company to the Israel-UAE consortium for just Rs 74. In 2020, amid investigations, BR Shetty resigned from his board position, and on April 8 that year, NMC Health went into Administration in the United Kingdom due to concerns over corporate governance and a share price in freefall. In the same month, Abu Dhabi Commercial Bank filed a criminal complaint against NMC Health with the UAE Attorney General's Office, and days later, the Central Bank of UAE ordered the freezing of Shetty's bank accounts and the blacklisting of his firms. The embattled businessman is also under investigation in India, with agencies initiating a probe to identify potential risks to Indian banks. According to reports, Shetty's current net worth is a minute fraction of his earlier $3.5 billion fortune, consequently leading Forbes to drop him from its annual list of billionaires in 2020.
Business Upturn
6 days ago
- Automotive
- Business Upturn
Experian Exchange Season Three Launches
Business Wire India Experian has launched Season Three of its YouTube thought leadership series, Experian Exchange. This season takes a global perspective, exploring the evolving impact of data, innovation, and technology. This press release features multimedia. View the full release here: With new episodes rolling out across the year, all hosted by award-winning journalist Del Irani, each edition offers fresh perspectives from Experian's influential leaders and global experts. Topics range from fraud prevention and AI breakthroughs, to emerging trends in automotive and the evolving marketing landscape. In an exclusive episode launching today, Malin Holmberg, CEO of Experian UK&I, shares her vision for the business and reflects on her early impressions of the UK market. Drawing on her experience leading Experian across EMEA and Asia Pacific, she shares global insights that shape her approach. In addition, she explores the evolving priorities of business leaders and highlights how advanced technologies — including GenAI — are helping address client challenges. The first two seasons of Experian Exchange also explored topics such as financial inclusion, healthcare, digital transformation, and customer experience, and featured insights from some of Experian's global leadership team. Season Three is available on Experian's website and its major digital platforms. To watch Malin Holmberg's episode or to watch previous episodes, visit About Experian Experian is a global data and technology company, powering opportunities for people and businesses around the world. We help to redefine lending practices, uncover and prevent fraud, simplify healthcare, deliver digital marketing solutions, and gain deeper insights into the automotive market, all using our unique combination of data, analytics and software. We also assist millions of people to realise their financial goals and help them to save time and money. We operate across a range of markets, from financial services to healthcare, automotive, agrifinance, insurance, and many more industry segments. We invest in talented people and new advanced technologies to unlock the power of data and innovate. As a FTSE 100 Index company listed on the London Stock Exchange (EXPN), we have a team of 25,200 people across 32 countries. Our corporate headquarters are in Dublin, Ireland. Learn more at View source version on Disclaimer: The above press release comes to you under an arrangement with Business Wire India. Business Upturn take no editorial responsibility for the same. Ahmedabad Plane Crash
Business Wire
6 days ago
- Business
- Business Wire
Experian Exchange Season Three Launches
COSTA MESA, Calif. & LONDON--(BUSINESS WIRE)--Experian has launched Season Three of its YouTube thought leadership series, Experian Exchange. This season takes a global perspective, exploring the evolving impact of data, innovation, and technology. New series of Experian Exchange delivers insights and fresh perspectives from global leaders. In an exclusive episode, Malin Holmberg, CEO of Experian UK&I, shares her vision for the business and reflects on her early impressions of the UK market. Share With new episodes rolling out across the year, all hosted by award-winning journalist Del Irani, each edition offers fresh perspectives from Experian's influential leaders and global experts. Topics range from fraud prevention and AI breakthroughs, to emerging trends in automotive and the evolving marketing landscape. In an exclusive episode launching today, Malin Holmberg, CEO of Experian UK&I, shares her vision for the business and reflects on her early impressions of the UK market. Drawing on her experience leading Experian across EMEA and Asia Pacific, she shares global insights that shape her approach. In addition, she explores the evolving priorities of business leaders and highlights how advanced technologies — including GenAI — are helping address client challenges. The first two seasons of Experian Exchange also explored topics such as financial inclusion, healthcare, digital transformation, and customer experience, and featured insights from some of Experian's global leadership team. Season Three is available on Experian's website and its major digital platforms. To watch Malin Holmberg's episode or to watch previous episodes, visit About Experian Experian is a global data and technology company, powering opportunities for people and businesses around the world. We help to redefine lending practices, uncover and prevent fraud, simplify healthcare, deliver digital marketing solutions, and gain deeper insights into the automotive market, all using our unique combination of data, analytics and software. We also assist millions of people to realise their financial goals and help them to save time and money. We operate across a range of markets, from financial services to healthcare, automotive, agrifinance, insurance, and many more industry segments. We invest in talented people and new advanced technologies to unlock the power of data and innovate. As a FTSE 100 Index company listed on the London Stock Exchange (EXPN), we have a team of 25,200 people across 32 countries. Our corporate headquarters are in Dublin, Ireland. Learn more at
Fashion Network
01-08-2025
- Business
- Fashion Network
Burberry tops list of UK M&A targets in new Bloomberg survey
British companies, including Burberry Group Plc, dominate the ranks of European-listed firms seen as potential takeover targets, with discounted UK equity valuations making them increasingly attractive to buyers. London-listed stocks account for about 60% of companies mentioned in an informal survey conducted by Bloomberg News in July. The poll included 44 risk-arbitrage desks, traders, and analysts. Burberry, the iconic trench coat maker, was the most frequently cited company, selected seven times. UK stocks have remained favored M&A targets over the past year, partly due to their relative undervaluation compared to international peers. This has led to a series of delistings that have further reduced the size of the local stock market. London's FTSE 100 Index trades about 13% below the Euro Stoxx 50 Index and 41% below the S&P 500, based on valuation relative to earnings forecasts. In Burberry's case, there are signs that the brand is beginning to deliver on its turnaround plan under Chief Executive Officer Joshua Schulman. After back-to-back annual declines of 30%, the stock has risen 32% in 2025. According to Emmanuel Valavanis, an equity sales specialist at Forte Securities in London, Burberry's brand equity could be attractive to a larger luxury group 'not afraid to pay up for bolt-on growth and an iconic label.' However, the transformation is not yet complete. 'Burberry's renewal effort still needs more work,' said Graham Simpson of Canaccord Genuity Quest, adding that a potential suitor would likely focus on extracting synergies. BP Plc and Anglo American Plc also featured among the leading UK takeover candidates, consistent with their inclusion in a similar January survey. Rightmove Plc, the online property portal, received four mentions after drawing multiple bids last year from Rupert Murdoch's REA Group. UK dealmaking 'roared back' in the second quarter, said Patrick Sarch, head of UK public M&A at law firm White & Case LLP, in July. 'We anticipate more bids for UK companies from US and corporate bidders, and that the financial services, infrastructure, natural resources, and tech sectors will continue to be active,' Sarch added. Outside the UK, the recent trade agreement between the European Union and the United States is expected to 'encourage corporates to go ahead with planned transactions,' according to Eric Meyer, head of RBC Capital Markets in Paris. Among continental names, Carrefour SA was a frequently mentioned target, cited four times by respondents. The supermarket chain is currently reviewing its portfolio to improve its valuation and recently divested its struggling Italian business. European banking M&A also remains active, continuing a trend from 2024. Commerzbank AG was again a popular name in the latest survey. UniCredit SpA, which has expressed interest in acquiring Commerzbank, increased its stake to about 20% this month. The move makes UniCredit the bank's largest shareholder, overtaking the German government, which remains opposed to a takeover. 'Bank deals are becoming more complicated,' said Nicolas Marmurek, co-head of special situations at Square Global Markets. 'Successful bidders will need strategy, timing, and just the right dose of political finesse.'
North Wales Chronicle
01-08-2025
- Business
- North Wales Chronicle
Global stock markets under pressure after Trump's latest tariff blow
The FTSE 100 Index fell 0.6% – down 50.2 points to 9082.7 – in mid-morning trade on Friday, while European markets suffered steeper falls as the Cac 40 in France dropped 1.8% and Germany's Dax was off 1.7%. It follows big drops on Asian indices overnight after the Hang Seng in China fell 1.1% and Japan's Nikkei 225 was 0.7% down. Mr Trump has signed an executive order setting new tariffs on a raft of US trading partners, which will take effect on August 7. Big exporters to the US, such as Taiwan, will be hit with steep new levies. While the latest tariffs are less harsh some of those announced on his so-called Liberation Day on April 2, it still sees many of US trading partners facing sharp rises. The pound was also lower on Friday, down 0.5% to 1.314 US dollars and 0.3% lower at 1.153 euro. Derren Nathan, head of equity research at Hargreaves Lansdown, said: 'Countries playing tariff poker with Donald Trump have had their bluff called with new US import tax rates announced for 92 nations shortly before the August 1 deadline came into play, with rates ranging from 10% to 41%. 'Mexico was the only reprieve of note, earning a 90-day extension to agree a deal. 'China already faces a separate deadline of August 12.' The declines saw the FTSE 100 drop below the 9,100 level, having hit record highs in recent weeks, but Mr Nathan added this was 'to be expected after climbing 4% in July'. Joshua Mahony, chief market analyst at Rostro trading group, said markets will be concerned over the impact of the tariffs and whether it will send global inflation soaring. He said: 'Part of the problem for markets is the question of who will pay for these tariffs, with the best-case scenario being that foreign businesses bear the brunt through lower margins. 'However, that is not entirely the case, with US consumers starting to feel the pinch through higher prices, while earnings from the likes of General Motors, Ford and Apple have highlighted the fact that they are expected to lose billions at the hands of Trump's tariffs.'
